Series A round led by Nine Four Ventures will be used to accelerate development and capitalize on Inspectify’s explosive growth.
Nov 29, 2021 10:00 PST
November 29, 2021 (Newswire.com) –
Property inspection marketplace and software platform Inspectify has announced the close of its $8M Series A round, led by Nine Four Ventures. The round included participation from a consortium of VCs and strategic investors, including Foundation Capital, the HSB Fund of Munich Re Ventures, Redfin and Socially Financed, as well as prominent PropTech founders/executives Chase Gilbert and Nichole Wischoff (Built Technologies), Guy Gal (Side), Josh Stech (Sundae), Tushar Garg (Flyhomes), and Darren Nix (Steadily), among others.
Inspectify’s vision is to be the “API of the home” and create a digital twin for every property where property owners can better understand their home’s condition and how to care for it. As a result, they’ll know what repairs are needed, be able to price and book those repairs easily, have an up-to-date inventory of their home’s appliances and systems, and have access to maintenance records and schedules.
Over the last 12 months, the company has grown by over 2500%, earning the trust of prominent real estate companies such as Redfin, Fundrise, Flyhomes, Sundae, Homie, Homelight, Properly, Mynd, Roofstock, and Orchard, also among others.
“Inspections provide the most comprehensive and complex view of a home, yet the data is extremely unstructured and underutilized,” explained Founder and CEO Josh Jensen. “We’re challenging the status quo of a static PDF report to provide a higher quality inspection and better data that lives on with the property.”
Jensen, a former Flyhomes executive and seasoned real estate investor, experienced the pain of manually managing inspections while buying and selling hundreds of homes first-hand. So he founded the company along with CTO Denis Bellavance, who was previously the founder and CTO of Peach and a former engineering leader at Zillow, Loftium, and Amazon.
Inspectify leverages its proprietary software to customize and integrate the data found within a home for individuals, institutional investors, and iBuyers well beyond the scope of a traditional property inspection. For non-institutional buyers, Inspectify’s streamlined approach and concierge-level service save hours typically spent searching for inspectors and coordinating schedules and access.
An Inspectify inspection can also live on as a cloud-native ‘operating manual for the home’ that is left with a home buyer, often co-branded with a real estate brand or agent to establish meaningful and long-term relationships with buyers. In addition, Inspectify provides institutional investors and iBuyers with robust data sets and portfolio-level visibility of their assets, enabling them to increase the velocity and scale of transactions with confidence.
“Data from inspections has long been underutilized due to the fragmented nature of the industry,” said Kurt Ramirez, General Partner, Nine Four Ventures. “Inspectify’s approach allows exponentially more fidelity and structuring of property data that is poised to fundamentally change how real estate is bought, sold, and managed. In just under two years, they have partnered with some of the most prominent real estate brands in the world, proving they have filled a massive need in the space.”
The funding will allow Inspectify to supercharge growth among its real estate partners and help launch new verticals with lenders, insurance carriers, appliance OEMs, and home services providers. Inspectify also plans to accelerate the development of its proprietary property inspection software to enable an even more robust and structured data set on every property inspected.